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SEMBCORP AND ASCENDAS-SINGBRIDGE FORMALISE AGREEMENTS TO DEVELOP AMARAVATI CAPITAL CITY IN INDIA

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By Vivek K. Mobile: 09920183006 Email:indianshowbusiness@gmail.com

(L-R): Mr Benjamin Yap (CEO, Amaravati Project), Mr Vinamra Srivastava (CEO India Operations & Private Funds, Ascendas-Singbridge), Mr S Iswaran (Minister-in-charge of Trade Relations at Singapore’s Ministry of Trade and Industry), Mr Kelvin Teo (CEO, Sembcorp Development), Mr N Chandrababu Naidu (Chief Minister of Andhra Pradesh), Dr. Sreedhar Cherukuri (I.A.S., Commissioner & Member Convenor of APCRDA), Mr P Narayana (Minister for Municipal Administration & Urban Development, Government of Andhra Pradesh) and Ms Lakshmi Parthasarathy (Chairperson & MD, Amaravati Development Corporation Limited (ADCL)) were present to sign an agreement to develop Amaravati Capital City Start-up Area in India with Amaravati Development Corporation (ADC).

Asia’s leading sustainable urban development providers, Ascendas-Singbridge Andhra Investment Holdings and Sembcorp Development India, have, through their wholly-owned joint venture company, Singapore Amaravati Investment Holdings (SAIH), formalised their collaboration with the State Government of Andhra Pradesh (SGOAP) to jointly master develop Amaravati Capital City Start-up Area in India with Amaravati Development Corporation (ADC), an agency of the SGOAP.

Amaravati Development Partners (ADP) was incorporated earlier in India by SAIH (holding 58% share) and ADC (holding 42% share) for the joint development of the 684-hectare Start-up Area. The Shareholders Agreement for the establishment of ADP, which sets out the rights and obligations of SAIH and ADC as shareholders with regards to the development of the Start-up Area, has been finalised and endorsed. Read more